The Dow is headed for a series of seven days of increases, while new measures of fiscal stimulus from China and the suspension of customs duties on imports from Mexico have helped strengthen investor sentiment.
The Dow gained 121 points, or 0.5%, at 15: 40, while the S&P 500 has gained 17 points, or 0.6% and the Nasdaq Composite rose 63 points, or 0.8%.
President Donald Trump has postponed Friday’s decision on the tariffs in Mexico, although investors are a nervous wreck after that the authority has threatened to take further action against China on Monday.
In the meantime, the people’s Bank of China said it would provide additional support to local governments.
“The market is currently still in progress. There is a combination of factors, including the lifting of customs duties in Mexico and china’s stimulus package today, ” said Peter Cardillo, chief economist market at Spartan Capital Securities New York.
The shares FANG rose after the opening bell, Facebook (NASDAQ: FB) gaining 2.6 per cent, Apple (NASDAQ: AAPL) up 1.4%, Netflix (NASDAQ: NFLX) rose by 0.9%, and Google (NASDAQ: GOOGLE) up 1.7%.
Broadcom (NASDAQ: AVGO) jumped 2.5% after the announcement of the award of a supply contract of two years with Apple for the supply of front-end components and radio modules for various Apple products, while AMD has dropped 1% after reaching a peak of 13 years on Monday.
Beyond Meat (NASDAQ: BYND) fell 13.5% after JP Morgan downgraded the title to “overweight” to “neutral”, the title “exceeding our target price” of$ 120, reported CNBC.
In commodities, the futures of gold declined 0.1% to 1 328,35$ a troy ounce, while crude has jumped from 0.9% to 53,72$. The dollar index, which measures the greenback against a basket of six major currencies, remained stable at 96,718.